India Finance Minister Arun Jaitley informed in future only 3 GST rates applicable. Arun Jaitley told prior to GST there are around 200 products on which GST used to be more than 31%. Now it has been brought into Slab of 28%.
All Necessary and Essential Products needed by Common Man are brought to 5% GST slab.
Movie Tickets which used to be taxed from 35% to 110% has been kept in between 12% and 18% GST Tax Slab.
Out of Daily Use Goods of 1216 items,
- 183 Products do not have any GST Tax
- 178 Products are in slab of 12% GST Tax
- 517 Products are in slab of 18% GST Tax
Currently only items like AC's, Dish Washers, Big TV's are in 28% GST Slab.
Currently Cement is in 28% slab but in future Government is planning to get it down.
In future 12% slab and 18% slab will be mixed together and will be taxed at only one rate and that will be in between 12% and 18%.